KC posted a fairly wide 220 point range for how quiet it seemed, the calm interrupted by several discrete and notable injections of trading. In the end the buyers had the greatest influence, pushing prices 40 points higher to 97.55 during settlement, while 8am buying generated the day’s high. Roaster buying was apparent late in the session, however the similar yet staggered rises in Sugar, then Coffee, and finally Cocoa suggest spec buying as well. The BRL was quiet, aided by BCB intervention, yet weakened around ½% to 4.15 at the time of KC close. The intraday FX driven weakness in Arabica seems to have reached a point of declining returns at current levels. The rolling 10 day KCxBRL correlation has slid from .71 on Aug 16 to .36 today. Robusta gained $12 to close 1351, $44 above than Friday’s low. Spreads tightened again, with the prompt X/F closing -20.
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